[Congressional Record Volume 140, Number 128 (Wednesday, September 14, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 14, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
            H.R. 3841, THE INTERSTATE BANKING EFFICIENCY ACT

  Mr. BOND. Mr. President, I commend Chairman Riegle and Senator 
D'Amato, the ranking member of the Senate Banking Committee, for their 
hard work and contribution to the passage of H.R. 3841, the Interstate 
Banking Efficiency Act. Interstate banking and branching are important 
issues to the continued growth and economic health of the banking 
industry.
  This legislation has been before the Congress in various forms and 
configurations over the last several sessions and I am gratified that 
we have finally been able to complete action on an interstate banking 
and branching bill to present to the President.
  This legislation provides, with certain limitations on deposits and 
assets, for nationwide interstate banking by bank holding companies 1 
year after enactment. It also authorizes, beginning on June 1, 1997, 
bank holding companies with subsidiary banks located in more than one 
State to combine these banks into a single bank with interstate 
branches, unless a state opts out before this date. This bill also 
authorizes states to permit the acquisition of a branch of an insured 
bank without the acquisition of the entire bank. Under these 
circumstances, the state must opt-in to this de novo branching.
  In conclusion, the Interstate Banking Efficiency Act respects the 
rights and concerns of individual states with regard to the activities 
and operations of banks within their jurisdictions. At the same time, 
it recognizes the importance of interstate banking and branching to the 
economic well-being of the banking industry.

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